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Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094

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BuyFindarrow_forward

Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094
Textbook Problem

What are the disadvantages of a partnership over a limited liability company form of organization for a profit-making business?

To determine

Partnership

It is that form of organization which is owned and managed by two or more persons who invest and share the profits and losses according to a pre-determined ratio.

Limited Liability Company

It is that form of organization which is formed as a legal entity that provides limited liability to the owners. It has a common seal.

 To explain: The main disadvantages of a partnership over the limited liability company:

Explanation

The main disadvantages of a partnership over the limited liability company are:

1. Limited Life: The life of partnership is limited as compared to the limited liability company.

2...

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